The Ministry of Finance and Public Credit (SHCP) highlighted the increase in government revenues, as well as the collection of Income Tax (ISR) of 16.1%, as well as Value Added Tax (VAT), of 3.4% in the first half of 2022.
According to the recent report on the agency’s public finances, total public sector revenues increased 4.9% compared to the first half of 2021, which is due, he said, to the increase in oil revenues and the “good performance of tax revenues.”
The Treasury also stressed that the ISR has already reported seven months of consecutive annual growth, and three in the case of VAT, as well as the performance of the tax on imports, which increased by 24.4% in real terms.
The agency has acknowledged that the subsidies to gasoline prices that the federal government is covering have impacted on a lower collection in the Special Tax on Production and Services (IEPS), since it was expected to collect 239 billion pesos but only 74 billion have been received, 68.5% less.
However, he assured that this has been offset by a greater flow of oil revenues, since it was expected that they would be 540 billion pesos but were 594 billion, that is, 29.4% more.
As of the 1st half of 2022, @GobiernoMX #ingresos are $160 billion above schedule, thanks to the performance of the economy and oil revenues, already including the gasoline subsidy.
The #ISR increased 16% and the #IVA 3.4%.
— Gabriel Yorio (@GabrielYorio) August 1, 2022
The Undersecretary of Finance, Gabrel Yorio, explained that the federal government’s revenues are 160 billion pesos “above scheduled,” already considering the gasoline subsidy, established to contain inflation.
On April 29, the official said that if the government had not subsidized the price of fuel, interest rates would be much higher and that the cost of gasoline would be around 35 pesos.
“I would like to emphasize that if these measures had not been taken, the price of gasoline would be around 35 (pesos) and inflation would have reached a level of 11% and this would have further accelerated the need to adjust monetary policy,” said Yorio González.
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